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    劵商配资:彩生活:未来没有太多并购计划

    时间:2019/1/9 11:33:04  作者:  来源:  查看:20  评论:0
    内容摘要:  今年以来,已有5家物业公司成功赴港上市,但在过去10年、20年物业上市却寥寥无几?一向不被重视的物业管理行业,为何在今年成为资本市场的“香饽饽”。物业公司扎堆赴港上市的背后,又蕴含着资本运作的哪些内在逻辑?新浪财经推出IPO系列专题策划之物管上市图谱——全面解读内资物业上市背...
      今年以来,已有5家物业公司成功赴港上市,但在过去10年、20年物业上市却寥寥无几?一向不被重视的物业管理行业,为何在今年成为资本市场的“香饽饽”。物业公司扎堆赴港上市的背后,又蕴含着资本运作的哪些内在逻辑?新浪财经推出IPO系列专题策划之物管上市图谱——全面解读内资物业上市背后的逻辑。

      【本期采访】彩生活副总裁段斐钦,为内资物业赴港第一股

      物业公司需要资本定价

      对于2018年物业公司扎堆上市的现象,段斐钦认为,这是物业公司发展到了一定的阶段,在这一阶段,企业需要资本进行定价,并不一定是出于融资需求。

      新浪财经:今年以来,已有6家物业公司成功登录资本市场。其中5家赴港。彩生活是怎么看待这个扎堆赴港的现象的?

      段斐钦:物业行业从一个大社区的角度来看,它一定会成为一个大行业。在彩生活上市之后,2016年、2017年,慢慢出现了碧桂园服务、中海物业,到了2018年包括永升在内5家公司上市,在整个香港市场有10家上市公司。这10家就把整个行业,在资本市场上形成一个板块,我们认为这是符合这个行业本身的发展规律的符合一个行业价值,逐步被发现。物业行业发展其实是比较迅速的,它到了一个要上市的阶段。

      新浪财经:从企业角度,赴港跟赴A有区别吗?A股目前只有南都物业(23.030, 0.13, 0.57%)一家

      段斐钦:有两种可能性。第一种是在香港上市便利性会更强一些,因为在国内上市的话,审批流程通常会比较慢,在香港会比较快。第二个,很多的物业公司是背靠着地产公司,在国内上市可能它的独立性和牵扯到关联交易,会影响到上市进程。

      新浪财经:大家的上市意愿还是很强烈的?是因为融资需求吗?

      段斐钦:我认为上市首先是形成定价,而不是首先是融资。中海其实也并没有融资,碧桂园它也是介绍上市,也没有融资。所以,融不融资是第二步的选择,从公司角度看是不是有融资需要。第一阶段肯定是有一个形成在资本市场形成的资本定价。不论这个资本定价合理还是不合理的,它起码企业价值是被定价了。

      新浪财经:这些背靠房企的物业公司上市之后,彩生活会不会有压力?

      段斐钦:第一,我们认为这个行业空间是足够大的,整个行业存量面积将近3百亿平方米。

      第二,上市的企业它并不是新的进入者,它过去其实也是行业的参与者。

      第三就是定位问题,因为可能大家如果讲到竞争的话,就会讲到地盘。因为物业管理模式其实都是排他的,我管的项目可能就不会有其他物业公司来管了。

      但当大家都在抢地盘的时候,彩生活在过去两年的时间,在考虑整个平台上的用户体验,以及带来的用户规模,用户的交易和交付,以及带来的更多回报。

      未来没有太多并购计划

      并购能够解决物业的本土化问题,毫无疑问,物业行业的资源定价,会被定的越来越高。段斐钦表示,彩生活已经走过了物业规模为王阶段,未来并没有太多的并购计划。

      新浪财经:我们了解到,物业公司发展其实各有不同,通过并购中小物业公司得以壮大发展的,如彩生活;作为第三方承接项目的物业管理公司,如中奥到家、绿城服务;伴随母公司一同成长的物业公司,如新城悦、碧桂园服务、中海物业等等。这几种模式背后有什么差异?

      段斐钦:与其说是模式,其实这几种差异更偏向于形势。任何的形势都是阶段性的,而不是长期有效。比如对于彩生活来说,在上市之前,我们需要规模,所以通过并购的方式,获得了大部分的物业管理项目。

      之所以通过并购的方式,是因为,第一,彩生活并不是一家大型地产公司下面的物业公司,所以每一年关联地产商开发给我带来的新增面积肯定是有限的。第二,当时的行业尚未形成资本定价。

      彩生活想要占据市场的一席之地,第一阶段是要获得规模优势,既然不能背靠地产母公司获取面积增长,而市场又未形成资本定价,彩生活有充足的议价空间,那么,并购就是一种很好的方式。

      当然,并购也是为了解决物业的本土化问题。如果不通过并购进入新的城市,我们将会遇到很多挑战,在当地,你不具备组织优势,很难进行竞争。所以,我们希望通过并购,来进入本地建立标杆,为我们的长远发展奠定资源条件。

      现在这个阶段,大家都谈到并购,都谈到依靠于母公司,我们相信这一趋势是会发生一些变化。比如说,彩生活已经从过去依靠并购拓展市场,慢慢地转变为依靠全委(开发商或业主委员会全权委托物业公司管理其开发或居住的项目)来获取资源,所以到了2016年的时候,我们获得了新增面积里面将近50%是靠全委的,另外50%才是依靠并购。但是在2016年之后,彩生活拓展的服务面积里面,又有大部分是依靠平台输出了。

      新浪财经:平台输出指的是?

      段斐钦:我们依靠两个平台:彩管家平台(一个内部管理平台)和彩之云平台(一个客户服务平台),开放给我们的合作伙伴。包括中小物业公司、本地龙头性物业公司。

      这种模式,盈利通常分为两块。第一是基础物业板块。我们把整个派单系统,针对于把保安、保洁包括电梯这一块派单系统开放给他们,这样他们就不需要再投入了。

      第二,就是我们不断地考虑,在物业行业里面如何通过社区服务,来提升增值服务的收益,我们是否可以通过这一平台,来导入新的产品和应用,从而通过更好用户体验,获取更好的增量收入。准确来说,在2017年的时候,彩生活年报里面你们可以看到,增值服务板块贡献的分布溢利已经达到了43%。

      新浪财经:也就是说并购扩张规模只是公司的一个发展阶段?

      段斐钦:是的,你可以看到,即使是一些大型的地产公司物业,也会有这些特点。

      比如说在上市之前主要依靠母公司的物业,它在上市之后又依靠于并购了。对于这个业务本身,我们关注的是,是不是在最好的时间去并购了一些物业。最坏的时间,标的价格越来越高,对于并购方来说,要被动接受这个价格越来越高的事实。

      新浪财经:碧桂园服务上市6个月后,就并购了了5家“小而美”的物业公司。佳兆业物业也有并购计划,这样的情况下“小而美”的标的价格是否会水涨船高?物业行业的并购现在是一个什么状态?已经开始了吗?

      段斐钦: 已经开始动了,从彩生活上市之后一直开始动。之前也有,上市之前做并购,和上市之后它吸引关注度是不一样的,不能说因为它上市之后才开始并购了。在所有的行业,谈到并购所关注的都是,价格是否合适,效率能有多大的提升。

      而且这个企业,他们同样希望通过并购,来快速实现自己的规模,以及带来的收益。所以,毫无疑问,物业行业的资源定价,会被定的越来越高。但是否是合理定价,我们并不清楚,因为最为核心的问题是,不同的并购,对于并购方企业产生的经营效果如何。

      新浪财经:彩生活未来的话有扩张计划吗?

      段斐钦:我们没有太多大的并购计划了。第一,彩生活已经走过了物业规模为王阶段,实际上,目前我们认为,我们应该把平台开放出来,更关注用户。

      其实,上市之后,我们就已经慢慢地减少了对于并购的依赖。比如,一家物业公司在我们上市的时候,它的并购价格可能是1千万,但是到今天并购它需要5千万,但是它的经营性质并不一定发生了太大的变化。

      物业成本转移能力偏弱

      物业行业最大的特点是劳动密集型,当人工成本不断上升时,定价权又受到约束,成本转移的能力就会偏弱。

      新浪财经:我们统计了一下目前港股的物业公司,发现毛利率水平在30%-左右,净利润率在10%上下,这其中主要耗费的成本在哪方面?物业行业有哪些特点?    

      段斐钦: 仍然是人工成本。就物业角度来说,它最大特点是劳动密集型行业。劳动密集型行业的特点是,成本会不断上升,假设我们的劳动效率没有提升的话。

      其次,物业行业的定价权是有挑战的。在一个社区里面,只有居住面积超过50%以及人数超过50%的比例同意涨价,物业才能涨价。所以物业行业定价受到约束,当定价成本不断上升,成本转移的能力就会偏弱。

      新浪财经:在新社保政策出台后,公司净利润是否会受到影响?如何优化这一问题?

      段斐钦:会有影响。彩生活的做法是,把过去的劳动雇佣关系变成基础物业板块的不同专业类别的订单服务,以派单的方式来兑现雇佣关系。

      在整个的彩生活体系里面,只雇佣少部分的核心服务人员,大部分保安、保洁、保绿、保修都是用订单制管理,把它从过去传统的雇佣关系,变成派单接单关系。这样其实会消化成本的压力,我们需要去减少成本。

      既是存量也是增量市场

      从物业来说,一定是一个存量市场,但是对于社区它是增量市场。段斐钦认为,重新新定义服务关系,把服务透明化,这是解决行业长期被人诟病问题的核心方式。

      新浪财经:说到物业的时候我们常常说管理面积,目前彩生活的管理面积一直居于行业首位,但营业收入低于第二位的绿城服务,这是为什么?

      段斐钦:彩生活面积里面65%是酬金制的,100块钱的物业费我也算10块钱作为我的酬金收入。因为酬金制只是将一小部分的物业管理费计入收入,因此彩生活的收入规模偏少,当然我的毛利率也提升了。这个核心是我们跟业主之间签的服务协议,导致我们确认收入方式是有差异的。

      新浪财经:中报显示彩生活主要财务指标毛利率、净利率下降,资产负债率升高,主要是因为什么?

      段斐钦:主要是因为万象美的并表。万象美虽然是高端物业,但是它的收入方式是包干制,相当于彩生活把一家大型物业公司包干制收入全部并表了,这肯定对我的毛利率会有影响。毛利率下降了,净利率肯定会下降。事实上,万象美毛利率比并表之前还提升了。

      至于资产负债率升高,主要是并表万象美收购所带来16个有息负债,大部分为中长期负债。2018年下半年到12月底为止,彩生活还了约5亿元的有息负债。未来我们会不断地会用现金流来去降低我们有息负债。

      新浪财经:物业费在行业内比较低,这个怎么理解?

      段斐钦:彩生活是高端、中高端和中端全覆盖公司,同时彩生活是一线、二线、三线城市全覆盖的一家公司,这跟很多物业管理公司不一样,很多大型地产公司,它可能是只覆盖中高端和高端。

      而我们主要覆盖200多个城市,从城市数量来看二线城市居多,所以平均物业管理费相对偏低。

      新浪财经:物业管理是一个存量or增量市场?现在是处在什么阶段?

      段斐钦:我认为从物业来说,一定是一个存量市场,但是对于社区它是增量市场。

      物业的存量在于每一年整个行业带来一定的新增面积。但社区是增量,因为你的经营方式是有差异的,这个就有点像腾讯的微信,它既是存量市场也是增量市场。

      新浪财经:这个行业的话,目前面临哪些方面的问题?行业天花板吗?

      段斐钦:我认为当我们看到它是存量的时候,它就一定有天花板。

      当我们看到它是增量的时候,它就没有天花板了,天花板高很多。2018年3月31号到11月30号,彩之云平台上的彩惠人生(一个通过购买商品、服务,冲抵物业管理费的平台)订单额已经达到了6136万,订单数147.5万单。其实通过这个转化,我们发现,彩生活已经慢慢地把天花板抬高了。

      行业首先要把它的服务透明化,最开始推的是线上的基础物业板块,保安、保洁、保绿的派单化、电子化、互联网化,其实就是让它的交付线下化,交易和结果的跟踪是要在线上化的,否则的话就很难透明,这个行业很多诟病就在于它太不透明了。

      所以,我们刚才说的要重新定义服务关系,第一是要把服务透明化,线下交付、线上交易以及流程的全部互联网化。第二是通过新的方式,来把服务关系重新定义,这就是解决问题的最核心的方式方法。

      增值业务将成为重心

      彩生活未来战略重心定位于社区,也就是增值业务部分,关注用户价值的创造。

      新浪财经:物业管理作为一个场景,其实是一个巨大的流量入口。增值服务是大家很关心的一部分,也是很有想象力的一部分。能详细聊一聊吗?

      段斐钦:我其实有一个数据可以给你分享一下。在2017年,彩生活的营销费用增加了将近1300万。但是,我们增值业务的分布溢利同比增长9600万元,平台交易额增长了53亿元,注册用户增长了7百多万。

      到2018年11月底,彩生活的平台服务面积接近12亿平方米,服务1200万个家庭。而彩生活的平台注册用户是接近2千万,活跃用户是超过400万,1到11月份,我们整个线上平台交易额累计达到82.53亿,同比增长37%。

      新浪财经:长期来看的话,一个物业公司的内在价值我们更应该关注看哪方面?

      段斐钦:我认为如果关注物业公司来说,要从两个层面来说。

      第一,定位以及经营效率。在成本转移支付很难改变的时候,你的效率提升有多少?

      第二,当我是一家社区服务公司的时候,我关注的是社区服务平台能给用户带来什么,以及从长远来说能带来什么样的公司价值。

      新浪财经:公司未来的战略布局重心是在哪里?

      段斐钦:我认为是基于社区的定位和关注,持续创造用户价值。

      我们希望改变整个行业的服务关系。把服务关系从过去的被动服务变成主动服务,进而把我们服务深度增强。比如,通过平台,你的购买行为可以减免物业费,这种服务关系变成主动服务了。


      如果把业主的消费场景通过物业来包起来,服务深度就会加强。业主他的画像就会更准确了,业主他经常买酒水和一个经常买日用品的,他可能消费习惯会有差异。

      新浪财经:社区新零售有很多想要切入,包括服务也是,为什么要在你们这里买?

      段斐钦:所有的产品型企业,一定需要多个渠道来创造它的规模效应。所以你可以看到很多商品,产品型的企业,它在淘宝上,也有在京东上,也可能在彩惠人生上面,所有的渠道都是为它的供货来提供支持的。我们掌握了一个硬性渠道就是物业费。

      新浪财经:物业公司都发力增值服务的话,你们的优势是什么?

      段斐钦:我们抓住了先发优势,是一个主动的创新者,积累了很多经验。并且,根据中国指数研究院报告显示,彩生活的客户满意度行业排名第六位,但是在独立服务于第三方地产开发商的物业公司中,排名第一位。

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